Electrical Fuses Market (Voltage Level of Installation - Low Voltage Fuses (Plug-in Fuses, Cartridge Fuses) , High Voltage Fuses; Application - Construction, Automotive, Industrial, Consumer electronics, Power generation) - North America Industry Analysis, Size, Share, Growth Trends and Forecast 2016 - 2024
Albany, NY -- (SBWIRE) -- 03/20/2017 -- The high competitive rivalry in the North America electrical fuses market can be attributed to the low scope of product differentiation. The leading manufacturers are increasingly focusing on product innovation and development to expand their business across the region, finds Transparency Market Research (TMR) in a new study.
Siemens AG, ABB Ltd., Schneider Electric SA, and GE Company are the top four players, collectively representing more than 75% of the overall market revenue in 2015. "Large companies are acquiring small companies in order to enhance their product portfolio. This strategy also serves their purpose of market consolidation," says the author the report.
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Increasing Demand from Construction and Automotive Sectors to Put U.S. at Forefront
The North America market for electrical fuses stood at 43.5 mn units in 2015 and is poised to reach 60.8 mn units by 2024, expanding at a CAGR of 3.8% from 2016 to 2024. By voltage level of installations, the low voltage fuses segment will continue to account for the leading volume share until 2024. The high voltage fuses segment will expand at a CAGR of 4.1% during the forecast period. The growth of this segment is fueled by increasing construction activity in both residential as well as non-residential sector.
Geographically, the U.S. will dominate the market in terms of volume throughout the forecast period. The increasing demand for electrical fuses from the automotive and construction sector is contributing to the growth of this region. Mexico will rise at a CAGR of 4.5% during the same period owing to the presence of favorable government regulations.
Increasing Electricity Requirements Owing to Rising Population to Catalyze Market Growth
The demand for electricity is all time high due to several factors including growing population, economic growth, and technological advancements. Electronic devices used in circuits are susceptible to failure due to power fluctuations; hence, governments and private agencies across the region have mandated the use of device protection components such as electrical fuses. Therefore, the demand for electricity is expected to bolster the growth of the North America electrical fuses market. Moreover, the construction and automotive sectors in the region are experiencing robust growth. Large spending on automobiles and housing along with the increasing emphasis on their safety is driving the uptake of electrical fuses.
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Advent of Counterfeit Switchgears to Hamper Growth Prospects
The increasing availability of counterfeit switchgear and its components is impeding the growth of the North America electric fuses market. The counterfeited switchgears are of poor quality and less reliable. The presence of such products in the market adversely affects the profitability of original switchgear manufacturers. In addition, the poor reputation of fake switchgears negatively impacts the credibility of the original products in the market.
Local players from developing countries are steadily penetrating the market and are competing fiercely with established players in terms of price. Many international players have started adopting the low-cost strategy in order to defend their market shares. As a result, the bottom line growth of companies would continue to stagnate despite continued top line growth at an individual level due to intensive price-based competition. However, the increasing demand for electric vehicles is likely to open new avenues for electric fuses manufacturers.